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《大行報告》花旗升零跑汽車(09863.HK)目標價至53.6元,評級「買入」
花旗發表報告,降零跑汽車(09863.HK)今年至2025年各年銷量預測至分別16萬、28萬及42萬輛,降同期收入預測介乎34%至46%至分別278億、490億及742億元人民幣(下同),以反映競爭及宏觀衰退風險加劇。 考慮新能源車價格戰,供應過剩及行業產能利用率低,降零跑汽車今年至2025年各年毛利率預測至分別5.1%、7.9%及8.2%。相應降今年至2025年各年利潤預測至分別蝕42億、36億及32億元(原先為蝕29億、轉賺32億、賺75億元)。 據該行渠道調查顯示,次季鋰價下降主要傳導及利好電動車生產商而不是電動車電池生產商。該行以預測市銷率1.15倍延伸至明年為估值基礎,將目標價由47.2元升至53.6元,評級「買入」。
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